Question

A. Journalism the transactions for the year.

B. Post the journal entries to the GL

C. Prepare the unadjusted trial balance as of Dec 31

Daniel and Sons' Law Offices opened on January 1, 2018. During the first year af business, the compary following transactions: 1 Transactions i (Click the icon to view the transactions.) January 2: The owners invested $600,000 (the par value of the stock) into the Requirement a. Jounalize the transactions for the year. Omit explanations. (Record debits first, then credits business and acquired 60,000 shares of common stock in return January 2: The owners invested $600,000 (the par value of the stock) into the business and acquired 60,000 . January 15: Daniel and Sons' bought an office building in the amount of $100,000. The company purchase. took out a long-term note from the bank to finance the Account January 2 . February 12: Daniel and Sons'billed dients for $70,000 of services performed. :Dand Song took out a two-year insurance polloy, which it paid March 10: Daniel collected $26,000 from dlients toward the outstanding May 13 Daniel recelved cash payments totaling $280,000 for liegal accounts receivable balance. services-$44,000 was for services previously billed to customers on February 12 and the remainder was for services provided in May not yet recorded . June 10: Daniel purchased office supplies in the amount of $20,000, all on credt July 15: Daniel paid wages of $14,000 in cash to office staff workers . August & Daniel paid off the $20,000 balance owed to a supplier for the purchase made on June 10 September 3: Daniel and Sons' purchased $10,000 of office supplies in cash. September 20: The company paid $6,000 cash for utbities. October 1: Daniel and Sons' paid wages in the amount of $38,000 to office workers. . December 1: Daniel and Sons' received cash payments from clients in the amount of $350,000 for services to be performed in the upcoming months December 31: Daniel declared and paid a $9,000 dividend Print Done

Answer 1

a.

Account	January 2
Cash	600000
Common stock		600000
	January 15
Building	100000
Notes payable		100000
	February 12
Accounts receivable	70000
Service revenue		70000
	March 1
Prepaid insurance	22800
Cash		22800
	March 10
Cash	26000
Accounts receivable		26000
	May 13
Cash	280000
Accounts receivable		44000
Service revenue		236000
	June 10
Office supplies	20000
Accounts payable		20000
	July 15
Wage expense	14000
Cash		14000
	August 8
Accounts payable	20000
Cash		20000
	September 3
Office supplies	10000
Cash		10000
	September 20
Utilities expense	6000
Cash		6000
	October 1
Wage expense	38000
Cash		38000
	December 1
Cash	350000
Unearned service revenue		350000
	December 31
Dividends	9000
Cash		9000

b.

Cash					Accounts Receivable
Jan-02	600000	22800	Mar-01		Feb-12	70000	26000	Mar-10
Mar-10	26000	14000	Jul-15				44000	May-13
May-13	280000	20000	Aug-08		End. Bal.	0
Dec-01	350000	10000	Sep-03
		6000	Sep-20
		38000	Oct-01
End. Bal.	1136200	9000	Dec-31
Office Supplies					Prepaid Insurance
Jun-10	20000				Mar-01	22800
Sep-03	10000
End. Bal.	30000				End. Bal.	22800
Building					Accounts Payable
Jan-15	100000				Aug-08	20000	20000	Jun-10
End. Bal.	100000				End. Bal.		0
Unearned Service Revenue					Notes Payable
		350000	Dec-01				100000	Jan-15
End. Bal.		350000			End. Bal.		100000
Common Stock					Dividends
		600000	Jan-02		Dec-31	9000
End. Bal.		600000			End. Bal.	9000
Service Revenue					Wage Expense
		70000	Feb-12		Jul-15	14000
		236000	May-13		Oct-01	38000
End. Bal.		306000			End. Bal.	52000
Utilities Expense
Oct-01	6000
End. Bal.	6000

c.

Daniel and Sons' Law Offices
Unadjusted Trial Balance
As of December 31
Account	Debit	Credit
Cash	1136200
Accounts receivable	0
Office supplies	30000
Prepaid insurance	22800
Building	100000
Accounts payable		0
Unearned service revenue		350000
Notes payable		100000
Common stock		600000
Dividends	9000
Service revenue		306000
Wage expense	52000
Utilities expense	6000
Total $	1356000	1356000